SEDA_Lab: Towards a Laboratory for Socio-Economic Data Analysis

Abstract

Abstract. In the paper we present an idea for a 'Laboratory for Socio-Economic Data Analysis' aiming to explore the use of extremely large amounts of socioeconomic data from several sources of various degrees of heterogeneity. Based on these data, and on the state-of-the-art techniques in knowledge extraction and processing, we intend to deploy robust and high performance data analytics processes. Our goal is to enable the two data-bearing business partners Irish Times and Handelsblatt to use the data they have in conjunction with bigger data from external sources, to increase the value of their products and services offered and to reposition themselves in the market. We focus on two use cases that can produce tangible results in the analysis of socio-economic trends (e.g. unemployment, poverty) and socio-economic events (e.g. election tracking, bankruptcy) enabling better reporting, as well as timely decision support in crisis situations.